FiberHome secures $9.36 mln in state funding
Beijing. May 10. INTERFAX-CHINA - FiberHome Communication Technology Co. Ltd. (FiberHome), a state-controlled networking equipment vendor in China, announced May 10 it has received RMB 60.84 million ($9.36 million) in funding from the Ministry of Finance (MoF).
The funding was provided by the MoF's Major Technology Innovation and Industrialization Fund under guidelines outlined by the Central State-owned Assets Operating Budget, according to the announcement.
FiberHome said it will use the financing for technology research and development. The company added that it launched China's first 1:128 optical branching device (OBD) on May 8. OBDs are key components of optical networks.
Founded in 1999, FiberHome is headquartered in Hubei Province's Wuhan City. The company's net profit rose 43.97 percent year-on-year to RMB 377 million ($57.74 million) for 2010.
FiberHome's shares on the Shanghai Stock Exchange closed at RMB 31.68 ($4.87) after morning trading on May 10, up 1.83 percent from the previous trading day.
- RL